E.On Gives Up Fight For Endesa

Law360, New York (April 2, 2007, 12:00 AM EDT) -- Settling a protracted takeover battle that triggered a whirlwind of lawsuits on both sides of the Atlantic, German power giant E.On AG said Monday it had pulled out of the contest for Spain’s Endesa by striking deals for assets worth about €10 billion with Italian rival Enel SpA and Spanish conglomerate Acciona SA.

Under the deal, E.On will acquire core energy assets in Spain, Italy and France as well as in Poland and Turkey if Enel and Acciona gain control of Endesa, E.On said.